PaletteApp closes initial tranche of Series A investments from private equity firms
Chicago-based PaletteApp announced the close of the initial tranche of its Series A round with capital commitments from venture capital firms. No details about the financing were disclosed but the round was led by Batterson Venture Capital and Omphalos Venture Partners. Executives of Innovadex also participated in the round.
PaletteApp Chief Executive Officer Jerry Freeman welcomed their new investment partners. "This new round of capital will allow PaletteApp to expand our team, enhance the customer and market experience, and plan for future growth. We view this round of investment activity as validation for what we've built, and we couldn't be more excited to share our mission with these new investors."
Launched in 2011, PaletteApp is a business-to-business online application that gives designers, general contractors, architects and product manufacturers management solutions for their designs and samples. Instead of sending resource intensive physical sample books, PaletteApp allows users to manage and send a digital catalog to their clients. The platform saves time for designers. It also allows manufacturers to save USD 3.75 billion a year since the platform frees them from the need to create expensive physical sample books.